Get set for the punting event of the year - there's nothing quite like Royal Ascot and nothing quite as painful as a bad one

As a punter, I'm never quite sure if it's better to be going into Royal Ascot with your tail up or between your legs.

If you're in the middle of a slump, at least you'll probably be keeping your bets sparse and stakes to a minimum, which is all very well until one that's been lurking in your tracker for a while pops up unbacked at 33-1, at which point, like the hero of The Pilgrim's Progress (I'm sure Bunyan must have been on a long losing run when he wrote it), you'll find yourself entering the slough of despond.

Then again, if you head into the week in flying form, you may find yourself like a runaway train hitting the buffers at Inevitability Junction, which guarantees a hideous tangle of misplaced confidence and harsh reality.